Belden Village mall now part of Starwood

The Belden Village mall now is part of Starwood Capital Group after being sold, along with six other properties, by Westfield Group.

CantonRep.com staff report

Belden Village mall is losing the Westfield name and now is part of Starwood Capital Group.

One of Starwood Capital's affiliates — Starwood Retail Partners — completed the purchase of Belden Village mall and six other properties, paying $1.6 billion for the package. Westfield maintains a 10 percent interest in the properties.

The deal includes the Franklin Park Mall in Toledo and Great Northern Mall in North Olmsted, along with properties in California, Washington and Indiana.

Starwood Retail Partners, which is led by Cleveland-area businessman Scott Wolstein, will handle property management, leasing and asset management at the malls. Management teams at the malls will continue to operate the properties, Starwood officials said in a press release announcing the deal has closed.

It's the second time that Starwood has purchased properties from Westfield, which is based in Sydney, Australia. A June 2012 deal led to the formation of Starwood Retail Partners after Westfield sold seven properties to Starwood.

Starwood Retail Partners now manages 19 regional malls and retail centers around the country. The company spent more than $3.2 billion to acquire the properties.